WAEC Economics Past Questions & Answers - Page 250

For two commodities A and B, MA and MB are the respective marginal utilities while PA and PB are the respective prices. Marginal utilities of the commodities are maximized when

Subsistence agriculture means

In the long-run, potential GNP is variable because.

I technological change takes place
II the quantity of labour and capital is not fixed
III. unemployment is not constant

MUX = PX ( where X and Y = good X and Good Y; MU = Marginal Utility;P= Price)MUY = PY. The above represents the

 

When the death rate for old people and the infant mortality rate are high, with no migration, there will be in the population a higher number of